Dell Stock Surges 16% to Record High — Can Earnings Keep the Run Going?

TLDR

• Dell stock surged over 16% on Friday to near $294, hitting a new all-time high ahead of Q1 earnings on May 28.
• The stock is up approximately 130–140% year-to-date, making it one of the S&P 500’s top performers in 2026.
• Analysts at Citi, JPMorgan, and Mizuho all issued bullish notes, with Mizuho setting a $300 price target citing Dell’s $43 billion AI server backlog.
• Lenovo’s strong Q1 results — including an 84% jump in AI-related sales — are seen as a positive signal for Dell’s upcoming report.
• Options data shows a bullish skew, with a put-to-call ratio of 0.5 and a potential post-earnings move toward $323.

Dell Technologies (DELL) stock surged more than 16% on Friday to near $294, setting a new all-time closing record. The move puts the stock up roughly 130–140% for the year so far, one of the strongest runs in the S&P 500 in 2026.

Dell Technologies Inc., DELL

The catalyst was a wave of analyst upgrades and price target increases, all arriving in the same session ahead of Dell’s Q1 earnings report, due after the bell on May 28.

Citi raised its price target on DELL to $290, pointing to the company’s positioning in “neocloud” deployments and demand for “sovereign AI” infrastructure. JPMorgan added its own note, telling investors that memory component cost inflation is “manageable” and that the enterprise AI server market has a clear growth runway.

Mizuho went further, lifting its estimate to $300. The firm said institutional investors are more focused on Dell’s $43 billion AI server backlog than any near-term margin pressure.

Bank of America, which recently reiterated a “buy” rating, said it has seen “substantial” demand for both AI hardware and traditional PCs in the first half of 2026, and expects AI server sales to stay strong through year-end.

Six of the seven analysts with current ratings tracked by Visible Alpha rate DELL a buy. The lone outlier is a neutral. That said, the stock has already blown past their mean price target of $223.

Lenovo’s Numbers Add Fuel

Rival Lenovo’s Q1 results didn’t hurt either. The company reported a 27% year-over-year revenue jump to $21.6 billion, with net income doubling to $559 million. AI-related sales were up 84%.

Wall Street is treating those numbers as a direct read-through for Dell. If Lenovo is seeing that kind of demand, the thinking goes, Dell’s numbers next week should look similar — or better.

Analysts expect Dell to report revenue up nearly 52% year-over-year for Q1, with earnings per share coming in around $2.94.

Nvidia’s better-than-expected results earlier in the week also played a role. Citi flagged those results as a positive signal for Dell, given how closely the two companies are tied in the AI infrastructure supply chain.

Options Market Is Leaning Bullish

Options traders are positioned for a post-earnings rally. The put-to-call ratio on contracts expiring May 29 sits at 0.5, a clear bullish lean. The upper price target embedded in options pricing points to around $323, suggesting traders are pricing in a potential 10% move higher after the report.

From a technical standpoint, DELL is trading well above its major moving averages, with an RSI in the mid-70s — a sign of strong buying pressure.

Dell also pays a dividend yield of 0.85%, which adds a modest income component for longer-term holders.

The Q1 earnings report is scheduled for after market close on May 28.

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